(a) Explain the term economic planning
(b) Outline the problems of development plans in Nigeria.
(a) What is meant by devaluation?
(b) Explain the measures by which a country can correct its balance of payments deficit.
(a) Explain the methods of measuring the national income of a country
(b) State any three problems associated with measuring national income.
State any two ways by which monopolistic competition and perfect competition are similar and any three ways in which they are different.
Explain five sources of finance that are available to a Public Limited Company.
The daily sales of a department store for one week are as follows
| Days | Mon | Tue. | Wed. | Thu. | Fri. | Sat. |
| Sales N | 1750 | 1000 | 3500 | 2250 | 1000 | 2500 |
(a) Present the above data in a bar graph. (The use of graph sheet is essential).
(b) Calculate the average utility curve.
Utility schedule
| Quantity of goods consumed | Total Utility | Marginal Utility |
| 0 | 0 | 0 |
| 1 | 10 | 10 |
| 2 | 16 | – |
| 3 | – | 4 |
| 4 | – | – |
| 5 | 23 | 1 |
| 6 | 23 | – |
(a) Complete the above utility schedule
(b) Draw the marginal utility curve
C(i) At what quantity does TU equal MU?
(II) What is the value of MU when TU reaches the maximum?
(iii) What happens to the values of TU as the quantity consumed increases?
(iv) What happens to the values of MU as the quantity consumed increases?
Explain any three weapons that can be used by a trade union and any two weapons that can be used by an Employers’ Association during a trade dispute.
In what ways can the government improve agricultural production in Nigeria?
An economic system in which most means of production are owned and controlled by the State is known as a
- A. socialist economy
- B. capitalist economy
- C. mixed economy
- D. political economy
- E. feudal economy
The International Monetary Fund (IMF) is an international organization which
- A. gives annual grants to all developing countries
- B. assist countries to solve their balance of payment problems
- C. execute their development projects
- D. help to promote regional economic groupings
- E. is owned by all developed countries
The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the
- A. political conflicts in the United Nation Security Council
- B. educational needs of the developed countires
- C. religious affairs in the Southern Africa
- D. revenue allocation in Nigeria
- E. better terms of trade in the world
The international cartel formed to stabilize the world oil market is the
- A. Economic Commissioner for Africa
- B. International Monetary Fund
- C. Organization of Petroleum Exporting Countries
- D. Organization of Petroleum Importing Countries
- E. International Trade Organization
The petroleum industry in Nigeria is an example of a
- A. capital-intensive industry
- B. service industry
- C. labour-intensive industry
- D. tertiary production industry
- E. localized industry
The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is
- A. N2.52
- B. N3.28
- C. N3.75
- D. N3.96
- E. N9.20
Economic growth specifically refers to the
- A. reliance on imported goods in preference to home-made goods
- B. sustained increase in the output of goods and services per head
- C. change in technical and institutional arangment of the economy
- D. continued increase in the depletion of a country's natural resources
- E. increase in the total number of people in the economy
Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The
- A. wholesaler
- B. shareholders
- C. retailer
- D. consumers
- E. entreprenuer
The current and capital accounts in Nigeria’s balance of payments contain all the following items except
- A. oil export
- B. receipts for shipping services
- C. cost of aviation
- D. foreign investment
- E. IMF Standard Drawing Right (SDR)
Exchange control is a weapon used in regulating
- A. Internal trade
- B. Stock exchange
- C. Foreign exchange
- D. Barter trade
- E. Exchange of personal properties
In calculating the Gross National Product (GNP) by the income approach , all the following are included except
- A. wages and salaries
- B. direct taxes paid by persons and companies
- C. rents on houses
- D. retirement benefits
- E. business profits